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Polaris Bank Provides Free Breast Cancer Screening for 250 Nigerian Women

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Polaris Bank, Nigeria’s leading digital retail commercial Bank, has announced the sponsorship of free breast cancer screening for 250 Nigerian women, in commemoration of 2024 October Breast Cancer Awareness Month.

This initiative underscores Polaris Bank’s unwavering commitment to women’s health and is part of the Bank’s long-standing efforts and intervention to support breast cancer awareness behavioral change, advocacy and prevention in Nigeria.

For over a decade, working with its NGO Partner, Care Organisation Public Enlightenment (C.O.P.E), Polaris Bank has been a leader in breast cancer advocacy, behavioral change communication, funding support and the screening of more than 20,000 women across the country.

This year’s sponsorship further supports the Bank’s mission to ensure that more women, particularly those with limited access to healthcare, have the opportunity for early detection, which is vital for successful treatment and survival.

“Breast cancer continues to pose a significant threat to women, not just in Nigeria, but globally. As a responsible corporate organisation, we understand the importance of early detection, and we are committed to empowering women with access to this life-saving screening. Our partnership with C.O.P.E. is integral to making this service accessible to more women,” the Bank stated.

Aligned with United Nations (UN) Sustainable Development Goal 3 (SDG 3), which focuses on preventing needless suffering from preventable diseases and premature death, Polaris Bank is taking a crucial step by funding free breast cancer screenings for women in underserved regions.

According to the World Health Organisation (WHO), early detection of breast cancer increases survival rates and reduces treatment costs, making Polaris Bank’s initiative a vital contribution towards improving health outcomes and reducing breast cancer-related mortality in Nigeria.

This year’s screening programme reflects Polaris Bank’s broader Corporate Social Responsibility (CSR) agenda, which focuses on key areas like health, education, and youth/women empowerment; and community development.

The Bank has consistently invested in causes that positively impact the lives of Nigerians, and this screening effort is yet another testament to its commitment to improving public health.

In addition to the screenings, the Bank continues to champion breast cancer awareness through education, advocacy, behavioural change and outreach, encouraging women to engage in regular self-examinations and seek medical attention promptly. This holistic approach to advocacy aims to build a healthier society where early detection becomes the norm.

The 2024 free screening intervention, marks another milestone in the fight against breast cancer, as the brand remains at the forefront of efforts to combat the disease, ensuring that Nigerian women have access to the critical health resources they need.

In over decade, Polaris Bank’s footprint in the fight against cancer in Nigeria, has been described by commentators as phenomenal:

In collaboration with the Care Organisation Public Enlightenment (C.O.PE) Foundation, Polaris Bank has sponsored treatment for over 30 indigent cancer patients and provided free breast cancer screenings for over 20,000 women, including its own female staff and customers.

The Bank has also donated three state-of-the-art breast cancer screening machines, improving the quality of diagnosis and clinical practices nationwide. To further raise awareness, Polaris Bank organised a 10-kilometer walk with over 2,500 participants to draw attention to the breast cancer crisis.

The Bank, as part of its ongoing commitment to health awareness and community support, previously organised an impactful event for breast cancer survivors themed ‘Celebrating Our Pink Heroes’ at the Sheraton Hotel, Ikeja, Lagos.

The event brought together over 50 survivors and featured music, networking, and educational and experience sharing sessions. Same exercised was repeated just last year October with in Ikoyi with added spice where another 50 breast cancer survivors were treated to a full spa and wellness session involving sauna bath, manicure, pedicure, healthy meals, movie and experience sharing sessions.

It provided a meaningful platform for survivors to share their experiences, raise awareness about breast cancer, survival techniques and encourage positivity among their community. The initiative also sought to educate the public and demystify myth by reducing the stigma associated with the cancer, reinforcing Polaris Bank’s dedication to social responsibility and health advocacy.

The Bank had in making life more beautiful to breast cancer survivors had in 2019, presents over 100 units of Prosthetic bra to cancer survivors registered under the Bank’s NGO Partner @copebcnigeria C.O.P.E.

Polaris Bank, in partnership with C.O.P.E, hosted a special full spa outing for some breast cancer survivors. The event strengthened the bond between the Bank and Cancer Survivors as it offered therapeutic services such as; steam baths, massages, manicures, pedicures, and a healthy meal, along with a health talk. Experiences were also shared amongst the survivors

In addition, Polaris Bank part financed the establishment of arguably sub-Saharan best Cancer Hospital, Marcelle Ruth Cancer Centre and Specialist Hospital (MRCC).

Overall, the Bank’s initiatives reflect its dedication to responsible business practices, integrating social and environmental considerations into its operations, and ensuring a net positive impact on both society and the environment.

Women interested in taking part in the free screening exercise should visit our website or click the link below, or follow us on our social media pages @polarisbankltd for more information and registration details: https://www.polarisbanklimited.com/breast-cancer-screening-2024/ and thereafter visit the C.O.P.E. Center at 39B, Adeniyi Jones Avenue, Ikeja, Lagos, Nigeria.

Screening is scheduled for third and fourth Saturday of October, 2024 and every third Saturday of every other month.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Unity Bank, CashToken Rewards Promo Produces New Millionaire

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From left: Chioma Umeh, Unity Bank Branch Manager, Aba Road 1, Port Harcourt; Amadi Chinmenem Gift Chike, the grand prize winner, and Mr. Etop Ukpe, Unity Bank’s Regional Manager, Port Harcourt/Uyo Region presening the N1m check to the winner recently.

A Unity Bank customer, Mr. Amadi Chinmenem Gift Chike, has emerged as the latest winner of One Million Naira in the on-going Cash Rewards Promo by Unity Bank Plc and CashToken Rewards Africa. CashToken Rewards Africa is a Cash-Reward-as-a-Service company that rewards customers for their patronage and loyalty.

Mr. Amadi, a customer from Unity Bank’s Aba Road Branch, Port Harcourt, Rivers State, won the cash prize after completing qualifying transactions on Unity Bank’s digital banking channels including Unifi, *7799#, and on his Unity Bank-issued Verve card.

Through these transactions, he received CashTokens, which entered him into the weekly national consumer draw, where he was selected as the lucky winner of the N1 million prize.

The grand prize winner, Mr. Amadi is the second customer to claim the N1 million grand prize in the rewards promo, which commenced in November 2023. Since the launch, Unity Bank customers have collectively won over N6 million in cash rewards.

Unity Bank and CashToken Rewards promo offers guaranteed instant cash rewards and life-changing opportunities for loyal customers who transact on any of the Bank’s electronic payment platforms, including the Unifi mobile banking application and the *7799# USSD platform.

Every card transaction earns customers CashTokens, which qualify them for the weekly national consumer draw, with prizes ranging from N5,000 to N100 million.

Presenting the cheque to the winner in Port Harcourt, Unity Bank’s Regional Manager for Port Harcourt/Uyo Region, Mr. Etop Ikpe, congratulated the winner and reiterated the Bank’s commitment to building a sustainable loyalty platform for customer engagement and satisfaction.

He said: “We are happy to see another one of our loyal customers win a substantial cash prize through the Unity Bank and CashToken Rewards Promo. This initiative aligns with our mission to reward customer loyalty while providing a seamless and rewarding banking experience. As we continue to innovate and enhance our digital banking platforms, we are committed to creating more opportunities for our customers to benefit from their relationship with Unity Bank.”

In his reaction, an elated Mr. Amadi said, “This is a reward for my steadfastness. I have been banking with Unity Bank for a long time and I am really happy to win the cash prize. I commend the bank for the initiative and Unity Bank has always come through in keeping their promises both in terms of service delivery and meeting expectations of customers.”

Also commenting on the development, Simi Adeoye, Chief Business Development Officer for CashToken Rewards Africa, added: “We are proud to partner with Unity Bank in bringing life-changing opportunities to their customers through our Cash-Reward-as-a-Service model. We aim to make every transaction meaningful by turning regular banking activities into chances for customers to win significant rewards. We congratulate Mr. Amadi on his win, and we look forward to creating more millionaires as the promo continues. Mr. Amadi just like other beneficiaries can easily cash out his win by dialling *6700#, following the prompt and transferring his wins directly to his Unity Bank account.”

 

NGX Group Applauds German Govt, DEG for Commitment to Sustainability

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Nigerian Exchange Group Plc (NGX Group) has lauded the German Government and its development finance institution, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a subsidiary of KfW Bank, for their unwavering commitment to advancing impact investing in Nigeria.

This comes as NGX Group looks to strengthen partnerships aimed at fostering sustainable development, with a focus on climate action.
The Group Managing Director/CEO of NGX Group, Mr. Temi Popoola, made these remarks during the DEG Impact Investing Dialogue held on Tuesday, 8 October 2024, in Lagos.

He acknowledged the vital role that DEG has played in deepening sustainable finance in Nigeria and bolstering confidence in the country’s economy. “DEG, along with its counterparts in the German private sector, has demonstrated steadfast dedication to Nigeria, not only by maintaining their investments but also by expanding them through local financial institutions.”
Popoola also elaborated on the initiative between NGX Group and DEG to establish a framework for data sharing and aggregation related to carbon emissions and Nigeria’s broader green transition.

He added that the initiative seeks to bring together corporate organisations across the country, enhancing transparency while guiding them on sustainable transition pathways aligned with globally recognised standards.

“Our joint efforts will not only increase corporate transparency but also ensure compliance with global sustainability standards, positioning Nigeria as a leader in sustainable finance across Africa,” Popoola noted.

Starlink: NCC Did Not Issue Approval for Subscription Review

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The Nigerian Communications Commission (NCC) says the review of subscription by Starlink was done without its approval.

In a statement by Dr. Reuben Muoka, Director of Public Affairs, the NCC stated:

The decision by Starlink to unilaterally review their subscription packages upwards, did not receive the approval of the Nigerian Communications Commission.

The action of the company is in contravention of Sections 108 and 111 of the Nigerian Communications Act, 2003, and Starlink’s License Conditions regarding tariffs.

The Commission commenced pre-enforcement action on the licensee on the 3rd of October, 2024.

NCDMB: Presidential Directives on Nigerian Content Has Shortened Contracting Cycle, Eliminated Middlemen

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L-R: Director, Project Certification and Authorization, Engr. Abayomi Bamidele, Director, Monitoring and Evaluation, NCDMB, Alhaji Abdulmalik Halilu; Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, Director, Capacity Building, NCDMB, Dr. Ama Ikuru and Director, Legal Services, Mr. Naboth Onyesoh, Esq in a group photograph after the Board’s breakfast meeting with media executives in Lagos on Monday.

The Nigerian Content Development and Monitoring Board (NCDMB) announced on Monday that it had eliminated middlemen from the oil and gas industry value chain and contributed to shortening the oil industry contracting cycle to six months, courtesy of the three Presidential Directives on Local Content operations issued by President Bola Tinubu in March 2024.

The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe stated this in Lagos while speaking at a breakfast meeting with some media executives.

He confirmed that NCDMB had complied fully with the Presidential Directive on Local Content Compliance Requirements, 2024 (EO 41), which sought to ensure that only local service companies that have domiciled proven capacities and capabilities can participate in oil and gas tenders.

He also indicated that NCDMB has reduced its touch points and fast-tracked projects approval processes, in compliance with the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024 (EO 42).

The Presidential Directives and the Board’s compliance are geared to attract new international and local investments, encourage speedy development of oil and gas projects and improve the Nigerian economy.

The Executive Secretary hinted on plans to launch a major initiative tagged “Back to the creeks.” This policy will take the impact and contribution of local content implementation to oil producing communities and other hinterlands across the country.

Responding to questions from journalists, the NCDMB boss dismissed insinuations that local content implementation increases the cost of producing crude oil in Nigeria.

He clarified that the major drivers of increased cost of crude oil production are downtime and disruptions in operations caused by community issues or technical problems.

Other challenges responsible for extraneous costs include the cost of providing security and the activities of briefcase contractors, he said.

On the Board’s strategies for enabling growth of the industry, Ogbe stated that NCDMB was working intently to create an enabling environment for international oil companies to take final investment decisions for new projects and was evolving policies to support indigenous oil and gas service companies.

Responding to a question on insurance, the NCDMB boss promised to revive the insurance services guidelines the Board signed in June 2022 with the National Insurance Commission (NIACOM), which would oblige the Nigerian oil and gas industry to patronise the local insurance sector.

He acknowledged that the success of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and the Nigerian Content 10-year strategic roadmap depends largely on public communication, awareness and support from key oil and gas stakeholders.

He also appreciated the media for projecting the activities and programmes of the Board and assured that cooperation with the media would be deepened under his leadership as the Executive Secretary.

The General Manager, Corporate Communications and Zonal Co-ordination, Mr. Esueme Dan Kikile, indicated that the breakfast meeting was organised to introduce the Executive Secretary formally to leading media stakeholders.

Other senior management of NCDMB that attended the breakfast meeting included the Director Corporate Services and Capacity Building, Dr. Ama Ikuru; Director Monitoring and Evaluation, Mr. Abdulmalik Halilu; Director Projects Certification and Authorisation, Engr. Abayomi Bamidele and Director, Legal Services, Mr. Naboth Onyesoh, Esq.

In his comments, Director Corporate Services and Capacity Building, charged media stakeholders to report Nigeria in a positive light, to attract investments in the oil and gas sector.

The Director of Monitoring and Evaluation, Mr. Abdulmalik Halilu gave an update on the performance of the Nigerian Content Intervention Fund (NCI Fund).

He rated the Fund’s performance as over 90 percent, judging by the percentage of access by qualified companies and repayment by the borrowers.

He equally hinted that the Executive Secretary had constituted a team to review the Community Contractors Fund, which is a poor performing product under the Nigerian Content Intervention Fund (NCI Fund). He expressed hope that an announcement would soon be made on the remodeling of that particular product, new partners and product papers.

The Director Projects Certification and Authorization, Engr. Abayomi Bamidele highlighted the increased number of projects approved by the Board since it started implementing the Presidential Directive on Local Content.

He added that the Board was equally supporting companies seeking to fast-track gas investments to take advantage of the Presidential Directive on Tax Incentives, Exemptions and Remissions for the Oil and Gas Companies

Also speaking, Director, Legal Services, Mr. Naboth Onyesoh commended the media for their support to the Board over the years, which increased the visibility and public awareness of the Board’s functions and achievements.

Fidelity Bank’s ‘Read2Lead’ Writing Competition: Iremide Ogunyemi Emerges Winner

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L – R: Winner, Miss Iremide Ogunyemi of The Ambassadors’ College, Ota, Ogun State; and Executive Director, South Business, Fidelity Bank Plc, Mrs. Pamela Shodipo; at the prize presentation ceremony of the Fidelity Bank-organised Read2Lead Writing Competition held in Lagos recently.

A student of The Ambassadors’ College, Ota, Ogun State, Miss Iremide Ogunyemi, has won N2 million cash, a publishing deal worth N2 million and another N2 million to upgrade her school’s library after emerging the star prize winner of the inaugural edition of the Fidelity Bank organised Read2Lead writing competition.

This was disclosed at the competition’s prize presentation event held in Lagos over the weekend.

Welcoming guests to the event, Mrs. Pamela Shodipo, the Executive Director of South Directorate, Fidelity Bank Plc, who represented Dr. Nneka Onyeali-Ikpe, the bank’s Managing Director/Chief Executive Officer, said the initiative was created to unlock the creative potentials of students and help them become better positioned for successful careers.

“All over the world, young people are driving change through innovation and Nigeria is no exception. As a Bank, we believe in the transformative power of education in changing the fortunes of any nation.

It is this belief that led us to organise the Read2Lead initiative. By fostering the fundamental yet crucial skill of reading and writing from a young age, we aim to empower children to face academic challenges confidently and solve life problems skillfully.

“The Read2Lead initiative, therefore, encapsulates our approach to instilling a culture of reading and writing among young people. As highlighted by the esteemed American journalist, critic, and social reformer, Margaret Fuller, “Today a reader, tomorrow a leader”; we believe that igniting our youths’ imagination early can unlock their potential and set them on a path to success”, explained Onyeali-Ikpe.

The prize presentation ceremony had in attendance the representative of the Ogun State Commissioner of Education, management staff of Fidelity Bank Plc, the top 30 students from the competition, their parents, teachers, colleagues and media personalities.

“When I started, I didn’t know I would emerge a finalist in the competition. I just decided to participate because I love writing. This was the first competition that I saw that asked for a fictional essay. As that is what I like, I decided to write. I want to thank Fidelity Bank for coming up with this initiative as it is a really good and creative competition”, disclosed an elated Miss Ogunyemi.

In a surprising twist of events, Miss Mfeheke Okoko and Miss Daniella Orji, also of The Ambassadors’ College, Ota, Ogun State, took home cash prizes for N1.5million and N1million for emerging the first and second-runners up respectively in the competition which saw students from across Nigeria compete in three phases of writing challenges.

In the first stage of the initiative, tagged, “The National Writing Showdown”, over 3,000 students were tasked with a creative writing task for a spot among the top 150 writers.

In the second stage known as “The Sweeta Writing Mastery”, the top 150 participants were given a novel to read and requested to write an alternate ending for the book for chance to join the top 30 finalists.

In the third and final stage themed, “The Author’s Workshop”, the top 30 students were enrolled in an immersive writing boot camp anchored by experienced writers and facilitators who selected the top three finalists.

 

Polaris Bank, UI, NCF to Drive Environmental Conservation, Tree Planting    

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Polaris Bank Limited has collaborated with the University of Ibadan (UI) and the Nigerian Conservation Foundation (NCF) on environmental conservation through a tree planting initiative.

This was disclosed during a courtesy visit to the UI Vice Chancellor, Prof. Kayode Adebowale, by representatives of Polaris Bank Limited and the Nigerian Conservation Foundation (NCF).

During the visit, Polaris Executive Director, Corporate & Investment Banking, Abimbola Ozomah, mentioned that the initiative is part of the bank’s corporate social responsibility efforts.

Ozomah explained that the initiative stemmed from the bank’s desire to continuously contribute positively to the environment and communities, as well as to commemorate World Environment Day on June 5, 2024.

She highlighted that the theme for World Environment Day 2024 centres on land restoration, desertification, and drought resilience, in alignment with the United Nations’ ecosystem restoration goals.

Ozomah said that Polaris Bank Limited is committed to sustainable practices and land restoration through the nationwide planting of economic trees.

According to her, the bank’s sustainability practices include promoting responsible banking, empowering people and society, addressing environmental issues, and ensuring sustainable economic growth.

Mr. Adedayo Memudu, Senior Manager of the Nigerian Conservation Foundation, stressed that the organisation encourages Nigerian citizens to appreciate nature and thrive while living in harmony with it.

He noted that one of the NCF’s core values is its commitment to partnership development, which is why it has partnered with Polaris Bank Limited to enhance the bank’s corporate social responsibility and sustainability platforms.

The visit culminated in the consequent actual planting of trees at a designated site on the university campus.

A Memorandum of Understanding will later be signed between the University of Ibadan, Polaris Bank Limited, and the Nigerian Conservation Foundation.

Speaking on behalf of the Vice Chancellor, UI Registrar, Mr. Ganiyu Saliu, reaffirmed the university’s commitment to conserving campus vegetation and promoting a greener environment to improve individuals’ well-being.

Saliu pointed out that the large number of ‘Iroko’ trees on the University of Ibadan campus serves as evidence of the institution’s intentional conservation efforts, despite broader environmental challenges in Nigeria and globally.

He explained that the university does not allow indiscriminate felling of trees but enforces a structured process for tree removal.

The registrar also noted that as part of the UI@75 anniversary celebrations, the university initiated a project to plant 1,000 trees, which will be adopted by well-meaning Nigerians, with the university providing the necessary support for their sustainability.

He stressed the importance of collaboration between the academic community and broader society, stating that both sectors must work together to address shared environmental challenges.

Saliu expressed gratitude for the collective efforts of organisations to tackle common challenges in Nigeria and appreciated Polaris Bank Ltd for partnering with the Nigerian Conservation Foundation in the tree planting initiative.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Polaris Bank kick-started the nationwide tree planting initiative for land restoration on July 1, 2024 at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State; it then Proceeded to Ajingi Community Reserve, Kunkurawa, in Kano, Kano State on August 30, and next at the University of Ibadan on October 3.

Polaris Bank is known for taking proactive measures in addressing challenges of development and sustainability, including environmental and social issues.

The Bank supports the United Nations Sustainable Development Goals (UN-SDGs), Nigerian Sustainable Banking Principles (NSBPs), and the United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking.

Union Bank Backs 10th Edition of Maltina Teacher of The Year Program

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Union Bank of Nigeria, in continuation of its on-going efforts to improve the standard of Nigerian education, has partnered with Nigeria Breweries, makers of Maltina malt drink, as the official financial sponsor of the 10th-anniversary edition of the Maltina Teacher of the Year Award.

The bank is supporting this year’s anniversary edition, themed ‘A decade of inspiring excellence in teaching’, as part of its corporate strategy and vision to improve three core aspects of education in Nigeria: improving access, improving quality, and optimising learning outcomes through cross-industry partnerships.

Union Bank, an advocate dedicated to ensuring the bright educational future of Nigerian youngsters, wants to succeed in this noble endeavour by achieving its objectives by leveraging the United Nations Sustainable Development Goals (SDGs), notably SDG 4—Quality Education.

This dedication has led to the Bank developing its own unique educational assistance platform, Edu360. The Edu360 program is an initiative targeted at facilitating much needed investments in the educational sector through capacity building for teachers while developing collaborations between parents and educators regarding child development and curriculum.

According to Nigerian Breweries, the Maltina Teacher of the Year Award, which is in its tenth run since its launch in 2015, is an initiative aimed at recognising and celebrating exceptional teachers whose performances have impacted and positively improved the academic growth of students in Nigeria.

Speaking on the Bank’s support towards the 10th Anniversary of the Teacher of the Year Award Ceremony, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko said

“Union Bank is delighted to partner with a laudable initiative like the Maltina Teacher of the Year that seeks to spotlight and acknowledge incredible educators who have positively shaped the minds of Nigerian students. This collaboration closely aligns with the bank’s overall aim of improving the standard of education within the country while also ensuring there’s equal access to every child, male or female, seeking to acquire life-changing knowledge that will benefit not only themselves and their immediate family but also the wider society.”

Union Bank remains steadfast in its commitment to promoting education, viewing it not only as a Sustainable Development Goal but also as a value-adding enterprise within its chain of business interventions.

They firmly believe in investing in Nigeria’s future and recognise the strategic importance of quality education in the nation’s development.

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.

The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance.

The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

 

Heirs Insurance Group: N32bn Premium Income, N20.5bn Insurance Revenue in 2023

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Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has announced its financial results for the 2023 fiscal year, showcasing substantial growth and an impressive performance across all business indicators.

The financial performance highlights the Group’s resilience and operational efficiency.

The Group’s General and Life companies, combined, recorded a 59.30 percent increase in Gross Written Premium (GWP), rising from N19.9 billion in 2022 to N31.7 billion, for the year ending December 31, 2023, as they both enter their fourth year.

In addition, the Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80 percent from N11.3 billion in 2022, reaffirming the Group as one of the fastest-growing insurance groups in Nigeria.

Breaking the results down further, Heirs General Insurance (HGI), the non-life arm of Heirs Insurance Group, reported a 77 percent increase in GWP, rising from N8.5 billion in 2022 to N12 billion in 2023.  Total assets for 2023 stood at N18.1billion, a 27.4 percent increase from N14.2 billion recorded in 2022.  Profit Before Tax (PBT) surged from N791 million (restated) in FY2022 to N2.4 billion in FY2023, a staggering 203 percent growth, signaling the company’s effective cost management and strategic growth initiatives. Heirs General also reported a net investment income of N1.4 billion for 2023, a 45 percent increase from the preceding year. This impressive top and bottom-line growth underscores the company’s on-going development and its unwavering focus on delivering value to clients.

Demonstrating its commitment to customer satisfaction and upholding customer trust, Heirs General also disbursed N1.6 billion to policyholders in claims settlement, up from N471 million in the prior year. This sharp rise in claims settlement emphasises the company’s commitment to customers and its dedication to keeping service promises, with a strong focus on timely and transparent claims processing.

Heirs Life Assurance (HLA), the specialist life insurance arm of Heirs Insurance Group, equally delivered phenomenal results with 71 percent growth in Gross Written Premium (GWP), rising from N11.5billion in 2022 to N19.7 billion in 2023. Total assets grew by an extraordinary 98 percent increase, rising from N19billion in FY2022 to N37.7 billion in FY2023. The company also demonstrated financial discipline, posting a 143 percent rise in investment income, from N1.1 billion in FY2022 to N2.8 billion in FY2023. Profit Before Tax (PBT) increased by 395 percent from N379 million (restated) in 2022 to N1.8 billion in 2023.

Furthermore, Heirs Life disbursed N2.5 billion in claims in 2023, representing a 119 percent increase over the previous year’s N1.1billion, reflecting its commitment to delivering timely financial relief to its customers during their times of need.

Heirs Insurance Brokers (HIB), the broking arm of Heirs Insurance Group, delivered a strong performance with significant growth in income and profit. Profit Before Tax (PBT) rose by an impressive 128 percent, increasing from N232 million in 2022 to N529 million in 2023. Total revenue grew by 68 percent, climbing from N760 million in 2022 to N1.275 billion in 2023.

HIB maintained a well-structured and efficient balance sheet, showcasing its strong earnings’ capacity and solid financial foundation.

Commenting on the results, Tony O. Elumelu, Group Chairman of Heirs Holdings, the Group’s parent company, stated: “These results underscore our unwavering commitment to democratising access to insurance and delivering enduring value for our stakeholders. Heirs Insurance Group has achieved remarkable year-on-year growth in just three years of operations. We set out to transform the insurance industry, and I am pleased to see the remarkable growth the Group has achieved and the innovations it has rolled out. We are optimistic about the future and emphasise our commitment to meeting the evolving needs of our customers while driving financial inclusion for everyone.”

Heirs Insurance Group has proudly contributed over N100 million to various CSR projects focused on education, community development, and financial literacy, demonstrating its purpose of improving lives and transforming Nigeria.

The Group recently awarded N8 million to three junior secondary students in Nigeria who emerged winners in its flagship CSR initiative, the Heirs Insurance Essay Championship, including a donation to winner’s school.

Additionally, the Group has trained hundreds of parents in critical financial skills.

As part of its strategic vision, Heirs Insurance Group has deployed enhanced digital capabilities and rolled out innovative engagement channels, positioning the Group as a leader in the digital insurance space in Nigeria.

This commitment to technological innovation ensures seamless access to insurance products and services for all Nigerians, driving financial inclusion across all demographics.

The results were confirmed in the Group’s 2023 financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).

 

About Heirs Insurance Group:

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.

 

NAICOM Seeks Partnership with Marine & Blue Economy Min on Insurance Policies

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The Executive Management of the National Insurance Commission (NAICOM) led by the Commissioner for Insurance Mr. Olusegun Ayo Omosehin paid a working visit to the Hon. Minister of Marine & Blue Economy, Mr. Adegboyega Oyetola in his office in Abuja recently.

The meeting discussed collaboration between the Commission and the Ministry of Marine & Blue Economy.

Some of the areas for collaboration include creating a portal for verification of marine insurance policies and exploring options in the cabotage act to ensure compliance with insurance requirements.

NAICOM, CIIN, Youth Min Sign MoU to Train 1m Youths on Insurance

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From left: Dr. Usman Jankara (Dep. Commissioner for Insurance, Technical), Mr. Olusegun Ayo Omosehin (CFI), Hon. Ayodele Olawale (Minister of State for Youths), Mr. Ekerete Ola Gam-Ikon (Dep. Commissioner for Insurance, Finance and Admin) and Mr. Amu Ogbeide (Founder and CEO Sapphital Academy).

The National Insurance Commission and the Ministry of Youth Development have signed a Memorandum of Understanding to train one million youths in the country in conjunction with the Chartered Insurance Institute of Nigeria (CIIN).

The program tagged “One Million Youths in Insurance” is in line with the project of President Bola Ahmed Tinubu to create more jobs and empower the youths.

The program is aimed to sensitise Nigerian Youths with knowledge and best practices to be able to participate in insurance, boost youth entrepreneurship by offering financial protection and peace of mind, create employment across the 774 Local Government Areas (LGAs) by providing another channel of opportunities for our youths, promote insurance awareness on social media and other platforms, boost the insurance industry in Nigeria with impact across other sectors and accelerating Nigeria’s financial inclusion mandate.

The Commissioner in his remark thanked the Minister of State for Youths Comrade Ayodele Olawande for his commitment towards the project and expressed his appreciation to all parties involved in the project believing that the project will be a clear win for the youths of our dear nation.

The Hon.Minister during his address welcomed the Commissioner for Insurance and his team and expressed his delight for the signing of the MoU, making reference on signing a similar MOU with the Nigerian Data Protection (NDPC) to train Nigerian Youths in data protection and privacy.

He went further to say that, the future of Nigeria rests on the shoulder of the youths who make up over 60% of our population and Insurance which is critical to the economy of any growing Nation like Nigeria has been under-utilised, therefore saying that through this partnership with NAICOM, Nigerian youths will be sensitised to know the importance of insurance, foster entrepreneurship, and create employment opportunities across all 774 local government areas of the country.

The meeting came to a close with the official signing of the MOU by the Hon. Minister of State for Youth Development, the Commissioner for Insurance and the Chartered Insurance Institute of Nigeria (CIIN).

NAIPE 2024 Conference Attracts 26 Insurance, Pension Firms as Partners

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A total of 26 insurance and pension companies as well as regulatory bodies have partnered with the Nigerian Association of Insurance and Pension Editors (NAIPE) for the 2024 annual national conference of the Association.

The regulators that have partnered with NAIPE are National Insurance Commission (NAICOM), and National Pension Commission (PenCom), while self-regulatory bodies are Nigerian Insurers Association (NIA), Pension Fund Operators Association of Nigeria (PenOp), as well as Nigerian Council of Registered Insurance Brokers (NCRIB).

The top sponsors are Sanlam Nigeria, NEM Insurance, African Reinsurance Corporation, Linkage Assurance, KBL Insurance, Stanbic IBTC Pensions, as well as Veritas Kapital.

Other sponsors are AIICO Insurance, Alliance and General Insurance, Leadway Assurance, Chartered Insurance Institute of Nigeria (CIIN), Access Pensions, Sovereign Trust Insurance, Axa Mansard Insurance, Premium Pensions, Cornerstone Insurance, Lagos State Pension Commission, Heirs Insurance, Parthian Partners, as well as Nigerian Agricultural Insurance Corporation.

This year’s national conference which is 9th in the series will take place on October 8, 2024, at the Oriental Hotel, Lekki-Ajah Expressway, Victoria Island, Lagos, by 9 am.

The theme of the Conference “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors,” will be delivered by the Managing Director/Chief Economist, Analysts Data Services and Resources, Dr. Afolabi Olowookere.

The former Commissioner for Insurance/CEO, National Insurance Commissioner (NAICOM), who is also former Managing Director/CEO, FBS Reinsurance Limited, Mr. Fola Daniel, will chair the conference.

The panelists include Mr. Tunde Mimiko, Managing Director/CEO, Sanlam Life Insurance Limited; Mr Adeyemi Mayadenu, Executive Director, Technical, NEM Insurance Plc (General); Mr. Wale Okunrinboye, Chief Investment Officer, Access Pensions; Mr. Oluseye Olusoga, Managing Director/CEO, Parthian Partners Limited and Mr. Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria (PenOp).

Special Guests of Honour are Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Omosehin and Director-General of the National Pension Commission (PenCom), Mrs. Omolola Bridget Oloworaran.

The event will bring together stakeholders in the insurance and pension sectors to discuss the importance of the sectors’ contribution to the $1 Trillion Economy projected by the present administration for achievement by 2026.

Commenting on the theme of the conference, NAIPE Chairperson, Mrs. Nkechi Naeche-Esezobor, said the theme of the conference was carefully chosen to draw the attention of the operators of the two sectors to the realities on the ground, especially regarding what they need to do to remain relevant in the unfolding economic situation in Nigeria.

 

NNPC/Seplat JV’s “Eye Can See” Programme Restores Vision, Hope in Imo

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Host community members await further medical attention during the NNPC Limited/Seplat Joint (JV) “Eye Can See” medical outreach held in Ohaji/Egbema Community of Imo State recently.

The NNPC Limited/ Seplat Energy Joint Venture (JV) partnership has conducted a medical outreach, providing free eye health services to individuals with visual impairments in Ohaji/Egbema community of Imo State.

Through its “Eye Can See” programme, a Corporate Social Responsibility (CSR) initiative, the JV dispensed more than 10,000 reading glasses and successfully performed 639 eye surgeries, including cataract removals, for host community members who otherwise had limited access to such vital medical services.

The “Eye Can See” programme, which commenced in 2017, has been a beacon of hope in the eastern asset of the NNPC upstream investments, positively impacting over 20,000 people to date.

In his remarks during the event, Chief Upstream Investment Officer of NNPC’s Upstream Investment Management Services (NUIMS), Bala Wunti, represented by Dr. Obinna Otuu, Manager, JV Asset B emphasised the significance of the initiative to NNPC Limited’s corporate mission of enriching the lives of Nigerians.

Elaborating further on the broader vision behind the programme, Wunti stated that the NNPC Ltd takes pride in being more than just an energy provider. “We are a partner in progress, dedicated to making sustainable contributions to the communities that support us,” he added.

According to him, the “Eye Can See” initiative reflects “our belief that corporate structures can and should play a vital role in societal development.”

He noted that the programme goes beyond immediate medical care by educating individuals on lifestyle choices to prevent conditions like hypertension and diabetes, which can lead to permanent vision loss.

Expressing his appreciation for the support of the local government, beneficiaries, and NNPC Limited’s partners, Wunti observed that together with Seplat, the National Oil Company is paving the way for a brighter future where access to essential health services is possible for all.

“This project is not just about restoring vision; it is about giving people hope and the opportunity to lead fulfilling lives. This year’s outreach in Ohaji/Egbema is a testament to the ongoing commitment of NNPC and Seplat to improve the quality of life in their host communities,” he affirmed.

The “Eye Can See” initiative has had a profound impact on the communities it serves. By providing free eye screenings, surgeries, reading glasses, and health education, the programme has transformed lives and restored hope to many who had been suffering from visual impairments.

NNPC/Seplat JV remains dedicated to contributing meaningfully to Nigeria’s development through initiatives like the “Eye Can See” programme.

The partnership is committed to expanding the reach of its CSR programmes, ensuring that even more people across Nigeria can benefit from the life-changing services.

NCDMB, Petroleum Commission Ghana Sign MoU on Local Content Development

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Executive Secretary, Engr. Felix Omatsola Ogbe, represented by Director of Monitoring and Evaluation, Mr. Abdulmalik Halilu, and the Director Legal Services, Mr. Naboth Onyesoh, Esq, signed on NCDMB’s side, while the Executive Secretary/Chief Executive Officer of Petroleum Commission, Ghana, Mr. Egbert Fabille Jrn and the Acting General Counsel, Nana Akua Agyei signed on behalf of their organisation.

The Nigerian Content Development and Monitoring Board (NCDMB) has signed a Memorandum of Understanding (MoU) with the Petroleum Commission, Ghana (PCG) towards developing and deepening local content regulations in Ghana’s upstream petroleum sector.

The signing ceremony took place at the sidelines of the 2024 Annual Local Content Conference and Exhibition held at Takoradi, Ghana.

The MoU is valid for three years and it is centred on the desire to build synergies through information sharing and transfer of skills of mutual interest and benefits.

Under the MoU, NCDMB will offer PCG strategic advice and guidance in the areas of laws, frameworks, knowledge exchange, procedures for baseline study, data collection on capacities that exist in Ghana, design of strategic plan for local content implementation in Ghana and other capacity development initiatives.

The MoU would also foster collaboration, provide opportunity for global experience, and facilitate advancement of knowledge, leading to local content development in the upstream petroleum sector.

In addition, NCDMB will offer technical support in the development of the framework in the formulation of regulations and policies for PCG Local Content laws.

NCDMB was established in 2010 by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, and is mandated to monitor, guide, develop, and promote local content practice in the Nigerian oil and gas sector and linkage sectors.

On the other hand, the PCG was established by the Petroleum Commission Act, 2011 (Act 821) to regulate and manage the utilisation of petroleum resources and coordinate the policies in the upstream petroleum sector under the laws of the Republic of Ghana.

On NCDMB’s side, the MoU was signed by the Executive Secretary, Engr. Felix Omatsola Ogbe, represented by Director of Monitoring and Evaluation, Mr. Abdulmalik Halilu, and the Director Legal Services, Mr. Naboth Onyesoh, Esq, while the Executive Secretary/Chief Executive Officer of Petroleum Commission, Ghana, Mr. Egbert Fabille Jrn and the Acting General Counsel, Nana Akua Agyei signed on behalf of their organisation.

NCDMB had signed a similar agreement with the Technical Secretary of the National Content Monitoring Committee of Senegal (ST-CNSCL) in February 2022.

The ST-CNSCL is the agency responsible for the co-ordination and supervision of the development and implementation of the local content strategies in the Senegalese oil and gas sector.

Speaking earlier at the conference in Ghana, the Executive Secretary NCDMB urged African oil and gas service companies to collaborate among themselves and leverage their unique capabilities and capabilities.

This approach would grow African local content sustainably and help meet the aspirations of the African Continental Free Trade Area (AfCFTA), he noted.

He expressed delight at the collaborative spirit displayed by African countries, noting that “this event is a testament to our unwavering commitment to fostering strategic partnerships and driving sustainable growth within our sector.”

Commenting on the theme of the conference, which is “Attracting E&P Investments to Boost Local Content: New Pathways,” the Executive Secretary underscored the necessity for innovative approaches and collaborative efforts to unlock Africa’s hydrocarbon resources, estimated at over 125 billion barrels, accounting for about 10% of global reserves.

He reiterated the role of NCDMB as a business enabler, supporting the development of an efficient indigenous supply chain and delivering quality service competitively in the oil and gas industry.

Reflecting on NCDMB’s achievements, Engr. Ogbe noted significant progress in local content development, with an increase from less than 5% in 2010 to 54% in 2023, attributing the growth to the robust NOGICD Act, strategic implementation by the Board and collaboration by industry stakeholders.

He further highlighted the importance of economies of scale in attracting new investments and optimising capacity utilisation in the Exploration and Production (E&P) value chain.

He also celebrated the establishment of the African Energy Bank by the African Petroleum Producers Organisation (APPO) and the African Export–Import Bank.

The bank is expected to fund major oil and gas projects across the continent, mitigating the reluctance of western financial institutions to support new investments in the sector.